Sat, Jun 10, 2023 @ 17:57 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: Spot Gold May Extend Consolidation Between $1239/50 Before Bulls Resume

Technical Outlook: Spot Gold May Extend Consolidation Between $1239/50 Before Bulls Resume

Bounce from last Friday’s correction low at $1239 provided temporary relief as risk of retesting key near-term supports at $1236/33 (Fibo 38.2% of $1197/$1261 rally / daily cloud top) has eased.

However, recovery attempts were so far capped at $1250 zone, where rising daily Tenkan-sen lies today, suggesting extended consolidation.

Spot Gold may retest $1239 support, before bulls resume, with close above $1247 (Fibo 38.2% of $1261/$1239 pullback) required for stronger bullish signal.

Extension above $1250 /52 pivots (recovery top / Fibo 61.8%) is needed to confirm bullish continuation and re-expose key barriers at $1259 (200SMA) and 1261/63 (peaks of 27 Mar and 27 Feb).

Thick daily cloud continues to underpin (currently spanned between $1191 and $1233) and only firm break into the cloud and violation of next pivot at $1229 (daily Kijun-sen) would risk stronger downside action from $1261/63 double-top.

Res: 1250, 1252, 1255, 1259
Sup: 1244, 1239, 1236, 1233

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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